Mobile transfers save money and lives in Somalia

Mobile money transfers cut security risks posed by carrying huge wads of currency around various open markets in the battle-scarred south and central regions of Somalia. Dawn.com via Twitter/kiwanja reports.

... Money transfer firms are another backbone of the economy as remittances from the large Somali diaspora, estimated at around $1 billion a year, keep many Somali families alive.

“This is the lifeline of the whole economy ... and they are the future banks of Somalia,” Central Bank Governor Bashir Issa Ali told Reuters.

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emily | 1:45 PM | Mobile phone projects - Developing World, SMS and Banking |
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